Without credit, it is nearly impossible to buy a home or start a business. Many Americans face barriers accessing credit or pay more for credit. At times, this is due to a record of late payments or trouble documenting income. Still, a growing group of consumers either have no credit history or possess a history that is inconsistent. It is estimated that this affects 45 million consumers. Many in the fintech community are using alternative forms of data to expand access to capital.

Already under pressure to stay on top of a highly competitive market, new regulations will increase the cost of business, requiring additional processes and complicating compliance for online lenders. At the same time, across the board consumer expectations are high for experiences and applications that are smooth and frictionless. Top that with the growing consumer preference for mobile and many online lenders are wondering how to bring it all together.